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Tax Tips for Newly Weds

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Created on
July 12, 2023


What’s Inside

Getting married is a joyous occasion, but it also introduces new financial considerations, such as taxes. According to reports, the median tax return for the fiscal year 2021 (taxes filled in 2022) was $3,039. By April 22, 2022, approximately 88 million refunds had been filed, scaling to more than $267 billion.

As newlyweds, it is crucial to understand the tax implications of your union in order to maximize your joint tax benefits and minimize any unexpected tax burdens. By combining your investments and utilizing the tax benefits offered to married couples, you can potentially save a significant amount of money on taxes.

In this blog, we will provide easy income tax saving tips to help you navigate the world of taxes as a married couple.

Tax Tips for Married Couples 

Below are a few tax saving tips that will aid you in saving your finances: 

Update Personal Information

If your name or address changes as a consequence of your marriage, notify the Social Security Administration (SSA) and the Internal Revenue Service (IRS). Maintaining your personal information up to date ensures your tax returns and refunds. Critical IRS correspondence are also processed appropriately.

Understand Your Filing Status

Your filing status is one of the first considerations you ought to consider as a married spouse. You can file for the tax jointly or separately. However, filing for the tax jointly results in more tax advantages and lower tax rates. Furthermore, to evaluate whether filing status is best for your particular circumstance, it is advisable to compute your taxes both ways.

Update Your Withholding

It's crucial for newlyweds to evaluate and, if necessary, amend their withholding information with their employers after getting married. To ensure that the appropriate amount of taxes are withheld from your wages, you must fill Form W-4, Employee's Withholding Allowance, within 10 days after getting married. This is crucial if both partners are employed since your combined income may push you into a higher tax category.

Evaluate Health Insurance Options

If both spouses have different health insurance policies, consider consolidating plans under one spouse's policy to save expenses. Evaluate aspects such as interest rates, deductibles, and coverage when deciding on the best health insurance plan for your new marital status.

Seek Professional Assistance

Never be afraid to ask for the opinion of a tax expert if you have questions regarding the subtleties of your tax position or require specific advice. They may offer insightful advice catered to your particular situation and assist you in successfully navigating any tax-related challenges.

It is important to note that the average tax refund for married couple might vary greatly based on their income, deductions, credits, and filing status. 


Understanding and managing your taxes as newlyweds is vital for your financial stability as a couple. You may optimize your tax status, maximize deductions and credits, and make wise decisions by using the tax advice in this blog.

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Frequently Asked Questions 

1. Should my spouse and I file taxes jointly or separately?

Whether you should file taxes jointly or separately depends on your specific circumstances. However, filing jointly can often result in lower tax liability and provide certain tax benefits, such as higher deductions and credits. 

2. What are the potential tax benefits of filing jointly as a newlywed couple?

Filing taxes jointly as a newlywed couple can offer several potential tax benefits. Some of these benefits include:

  • Higher standard deduction
  • Lower tax brackets
  • Eligibility for tax credits
  • Increased eligibility for deductions
  • Simplified filing process

3. Are there any deductions or credits specifically available for newly married couples?

No, there are not any deductions or credits available specifically available for newlywed couples. However, by following the tax tips mentioned above, you may save your money.

4. Do we need to update our tax withholdings after getting married?

Yes, you should update your tax withholdings after getting married. Updating your tax withholdings allows you to ensure that the correct amount of tax is withheld throughout the year. This helps you avoid owing a significant tax bill. 

5. How does marriage impact our eligibility for certain tax deductions or benefits?

Marriage can impact your eligibility for certain tax deductions or benefits in several ways:

  • Standard deduction
  • Tax credits
  • IRA (Individual Retirement Account) contributions
  • Health insurance subsidies


Investment and securities are subject to market risks. Please read all the related documents carefully before investing. The contents of this article are for informational purposes only, and not to be taken as a recommendation to buy or sell securities, mutual funds, or any other financial products.
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